1、Goldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making thei

2、r investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.For the full list of authors,see inside.Madeline Meyer

3、+44 20 7774-Goldman Sachs InternationalShubham Jain+1(332)245-Goldman Sachs India SPLEvan Tylenda,CFA+44 20 7774-Goldman Sachs InternationalRachit Aggarwal+1(212)934-Goldman Sachs India SPLEQUITYRESEARCH|August 29,2024|3:58 AM BSTNature&BiodiversityAnalysing risks and opportunities through a new Nat

4、ure Data ToolAs more companies focus on Biodiversity and Nature to both meet corporate sustainability strategies and manage business risks,we see rising interest by corporates and Sustainable investors to quantify Nature-related performance,risk and enablement.With this report we introduce the GS SU

5、STAIN Nature Framework,a new dataset that looks to better quantify 1)corporate exposure and relevance,2)transparency and strategy,and 3)performance on four different drivers influencing nature outcomes.As Nature and Biodiversity is early in its emergence as a theme investors are looking to quantify

6、at the company-specific level,we would hesitate to draw strong conclusions about Natures current impact on equity valuation,though we may see greater divergence over time.We do,however,find that companies with stronger relative Nature Performance(based on our Nature Framework)trade at modest premium